Toyota to invest $500m in Uber at $72b valuation

Uber suspended its self-driving vehicle testing in the Phoenix area, Pittsburgh, San Francisco and Toronto.

Uber is among a number of technology and auto companies racing toward what some say is an inevitable future in which vehicles drive themselves. Earlier this year, Uber closed its self-driving auto unit's Arizona operations and laid off about 400 test drivers.

Technology from both companies will be integrated into purpose-built Toyota vehicles and deployed on Uber's ride-sharing platform, with the first pilot rollout set for 2021.

The investment was said to value Uber about $72 billion, and would come after the smartphone-summoned ride service throttled back its solo effort to develop autonomous vehicle technology.

Toyota (and by extension TRI) have a different deployment strategy for autonomous vehicles than its competitors.

The companies anticipate that mass-produced autonomous vehicles will be owned and operated by third-party fleet operators, Toyota said. The investment will reportedly focus on autonomous-vehicle technology.

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Uber's expansion into self-driving cars suffered another setback past year after Waymo accused it of stealing its technology in an elaborate scheme.

Uber had little choice but to find a self-driving auto partner after the collision that killed Herzberg, said Navigant Research analyst Sam Abuelsamid.

Uber suspended testing on public roads following a fatal accident in Tempe, Arizona, in March.

Uber has admitted its technology lags Waymo, and the crash in Arizona was a further setback in development and testing.

Unlike Uber's partnership with Volvo, the ride-hailing company will not own these vehicles, according to the source. Toyota invested in Uber in 2016 alongside an auto-leasing deal.

Uber's self-driving auto crash that led to the death of a mother-of-two could have been avoided, driverless vehicle experts have claimed. The self-driving unit is a significant contributor to Uber's losses, which in the second quarter were $891 million.

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